Timor-Leste International oil and Gas Summit
Timor-Leste organizes for the first time the International Oil and Gas Summit, during October 3 and 4, 2019, at the Díli Convention Center. This summit is organised by the National Oil and Minerals Authority (ANPM) with the support of IN-VR Oil & Gas and has more than 30 national and international speakers, more than 250 participants from 16 different countries and more than 250 companies from the sector taking part. The main objective of the event is to bring together industry professionals and offer participants ample opportunities to create, develop and continue business partnerships with new and existing partners throughout the global value chain.
The first day will devote itself mainly to the opening of the round of licensing for oil prospection and exploration and presentations on the state of play of geological activities in the country. The second day will feature presentations from current investors regarding ongoing projects in this sector.
During the first International Oil and Gas Summit in Timor-Leste, Prime Minister Taur Matan Ruak, officially launched a round of licensing for exploration and exploitation of oil in the country. This round intends to offer opportunities to invest in the potential of oil and gas and create new partnerships to jointly develop this potential.
The Prime Minister, in his opening speech at the event, said he was “convinced that, in a few years, this day will be remembered as the day of determination and responsibility, in which paths to Timor-Leste were drawn up in order to achieve its well-deserved recognition as an important actor in the international oil and gas industry”. He added that "this first Timor-Leste oil and gas summit is happening at a crucial time for the development, progress and modernity of our country".
Taur Matan Ruak recalled the recent "agreement reached with the neighboring country, the Commonwealth of Australia, regarding the establishment of a permanent maritime frontier between the two nations" and that this will allow "to start, already at the beginning of 2020” with the “very promising Greater Sunrise Project".
The Prime Minister assured investors that their "activities can and will continue without any obstacles, in the period following the transition from the former Joint Petroleum Development area (known as JPDA) to the exclusive jurisdiction of Timor-Leste". He noted that the "Government recently approved a legislative package designed to ensure a smooth and efficient transition, respecting and fully protecting all the rights and legitimate expectations" of investors and is also conducting a reform to modernize the existing legal framework and align it with the most sophisticated legal systems in the world ", which is “essential to create confidence and provide stability and legal certainty for foreign investment”.
Kay Rala Xanana Gusmão, Special Representative of the Government for the Petroleum Sector and Head of the Maritime Border Negotiations Team, stated that "the oil sector is a key pillar in national development and that this international oil and Gas Summit "offers the opportunity to discuss national plans, meet industry participants, exchange experiences and prospects with potential investors, and advance in partnership for the development of the nation”.
The former President of the Republic stressed that Timor-Leste established "the Petroleum Fund to ensure full transparency and adequate management of oil revenues for current and future generations" and expressed pride for Timor-Leste being "the Third nation in the world, and the first in Asia, to sign and fully comply with the Extractive Industries Transparency Index”.
The Special Representative stressed "the strong investment in the formation of the Timorese people so that they can make the most of the opportunities offered by our development", with "more than 200 masters and more than 2000 other relevant courses in the context of Petroleum industry. "
He finished his speech "wishing success to this summit" and expressed "confidence that this will offer many opportunities to discuss the development of the oil industry in Timor-Leste and its potential to transform our country for the benefit of the people".
To read Prime Minister Taur Matan Ruak's speech click here
